ServiceTitan Announces Funding to Help Increase Use of Its Home Service Business Software
Company continues to advance its software for the HVAC, plumbing, and electrical markets
GLENDALE, Calif. — ServiceTitan, a mobile, cloud-based management platform for home service businesses, announced an $18 million Series A funding round led by Bessemer Venture Partners, at a post-money valuation of roughly $100 million. ServiceTitan said its platform helps service companies streamline operations, improve customer service, and grow revenue, bringing modern technology infrastructure to an industry traditionally underserved by software.
“With over $1 billion processed in transactions a year, we’re expanding rapidly and investing in providing more capabilities and support to our customers, residential home service companies in the HVAC, plumbing, and electrical industries, which currently lack effective, modern software solutions,” said ServiceTitan CEO Ara Mahdessian. “Our customers will always be an extension of the ServiceTitan family, and it’s our commitment to them and their needs that constantly drives how we evolve the software and our company.”
ServiceTitan is a software as a service (SaaS) mobile solution that makes every part of a home service business metrics-driven, from operations to sales to marketing. It is the preferred software for HVAC, plumbing, and electrical franchise systems Aire Serv®, Mr. Rooter®, and Mr. Electric®, as well as best practice organizations NexStar Network™, QSC®, Service Nation Alliance®, and Service Roundtable®. According to ServiceTitan, businesses of any size can measure revenue by job, call conversions, technician field sales, and customer satisfaction in real time. The solution includes customer relationship management (CRM), intelligent dispatch features, integrated marketing analytics, and comprehensive reporting. The company said migration of customer job history and invoices from existing software can be done in a matter of days.
“Almost exactly one year after implementing ServiceTitan at our business, we just had our best week in terms of revenue in almost 10 years. This month we’re on pace to achieve our highest revenue for a single month in over a decade, and we’re doing so more profitably than ever before,” said David Boduch, ServiceTitan customer and co-owner of A.J. Danboise Plumbing, Heating, Cooling & Electrical in Farmington Hills, Michigan. “This is without a doubt in large part due to the ServiceTitan software and everything it has provided us with. I firmly believe we would not have achieved these recent milestones without it.”
The $18 million in funding will allow ServiceTitan to make strategic technical hires, introduce more companies to its solution, and further expand its customer support infrastructure. Previous investors I2BF Digital, Mucker Capital, and AMENALAV Group also participated in the Series A. Co-founders Ara Mahdessian and Vahe Kuzoyan will continue to be majority owners retaining controlling interest in the company.
“ServiceTitan is attacking a multi-billion dollar market that is ripe with opportunity,” said Byron Deeter, partner at Bessemer Venture Partners. “The home service market was historically dominated by manual processes and clunky on-premise vendors. Today, ServiceTitan is the gold standard, rapidly replacing legacy solutions and enabling workers to take advantage of mobile technology. Ara and Vahe know the industry well and as hungry entrepreneurs they will work tirelessly to support their customers with easy to use, state-of-the-art software. Bessemer is happy to provide them the resources to do just that.”
For more information, visit www.servicetitan.com.
Publication date: 7/6/2015